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Gold fell as the dollar rose to its highest level in more than a month, while investors remained skeptical about additional stimulus measures to support the economy hit by the Corona pandemic as they awaited comments from officials at the Federal Reserve this week.
Spot gold fell 0.35 percent to $ 1,905.80 an ounce at the end of the trading session, after a massive selloff pushed the precious metal to its lowest level since Aug. 12, 1882. $ 70 an ounce on Monday.
And US gold futures fell 0.2 percent to settle at $ 1907.60 an ounce. The dollar index, which is also considered a safe haven, rose to a six-week high against a basket of major currencies early in the session, reducing the attractiveness of gold to holders of other currencies.
Jerome Powell, chairman of the Federal Reserve, told a congressional committee that the road ahead for the economy is still murky and that the US central bank will take further action if necessary.
As for the other precious metals, silver fell 1.08 percent to $ 24.46 an ounce. Platinum fell 1.55 percent to $ 867.63 an ounce.
Palladium fell 1.9 percent to $ 2,229.50 an ounce.
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